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Intandem Films - Interim results for the six months ended 31 December 2009
04-03-2010
Intandem a London based international film group, today announced its interim results for the six months ending 31 December 2009.
Highlights
· Significant reduction in pre-tax loss of 71% to £179,000 (2009: £618,000);
· Profit of £254,000 on sale of 10% stake in Los Angeles publisher, Radical Publishing Inc;
· Book profit of approximately £4million and elimination of £6million loan post the period end on disposal of ownership rights in five films;
· Appointment to manage an additional thirteen new titles by US financial institution;
· Four films in post-production to be aired at the Cannes Film Festival;
· Appointment as co-producer on “The Veteran” and “Ghost of Slaughterford”, both of which are expected to start production in June 2010;
· Strong slate of films in pipeline.
Gary Smith, Chairman and CEO of Intandem, commented:
“I am pleased to announce a much reduced loss before tax of £179,127 compared with £617,757 for the same period last year. The Company has transformed its balance sheet through the elimination of its bank overdraft and the repayment of its outstanding loan, though the latter is not reflected in these results as the agreement was completed post the 31 December 2010.
“Despite the difficulties facing the film financing industry over the past eighteen months, Intandem is bucking the trend and progressing several films into production.
“I would like to thank all our staff who continue to work diligently towards the Company’s success.”
--ENDS-
Enquiries
Bishopsgate Communications
Robyn Samuelson/Siobhra Murphy
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